In a VA loan, what is the term for the Appraisal Report?

In a VA loan, the term used for the Appraisal Report is referred to as the "Notice of Value." This document is crucial as it provides the lender with the appraised value of the property, which is essential for determining the maximum loan amount that the VA will guarantee. The Notice of Value is generated as part of the VA appraisal process, ensuring that the property meets specific criteria and the value aligns with the fair market value.

This terminology reflects the VA's focus on protecting both the borrower and the lender by ensuring that properties purchased with VA financing are appropriately valued and meet certain minimum property standards. The appraisal is not merely a pricing tool but also a safeguard to help ensure that veterans do not pay excessively for homes that may not meet quality or safety standards.

Other terms presented in the options do not align with the VA's specific language or processes. The language in these alternatives does not accurately represent the official report utilized in the VA lending context, which confirms the critical role of the Notice of Value in the financing process for veterans and service members.